Destination Maternity’s CEO gets a new contract
Destination Maternity’s corporate compensation and benefits program is getting an overhaul, one that will impact its CEO’s contract.
The maternity apparel retailer has launched a formal review of the company’s corporate compensation and benefits program, a process that is expected to take approximately three months to complete. Company CEO Marla Ryan’s initial employment contract will be updated under the new policy.
Ryan will receive a new, more complete employment contract on September 30. Initially, the contract updates were expected to be finalized by July 30, according to the company.
“Since late May 2018, the compensation committee has commenced a comprehensive review of the company’s pay practices with the goal of establishing a stronger link between pay and performance,” said Anne-Charlotte Windal, the company’s independent chair of the board of directors. “The compensation committee has determined it is in the company’s best interests to extend Marla Ryan’s initial employment contract while the comprehensive review is in process so that Ms. Ryan’s new employment agreement can incorporate the results of the committee’s comprehensive review.”
Ryan was named CEO in May, replacing Melissa Payner-Gregor, who served as an interim CEO since January 2018 and director of the company since August 2009. Payner-Gregor left the company to pursue other opportunities.
Ryan’s appointment came a week after investors voted to replace all four directors of the company with four dissidents, including three women, one of whom was Ryan. The losing slate, which was supported by the retailer, included Payner-Gregor.
The maternity apparel retailer has launched a formal review of the company’s corporate compensation and benefits program, a process that is expected to take approximately three months to complete. Company CEO Marla Ryan’s initial employment contract will be updated under the new policy.
Ryan will receive a new, more complete employment contract on September 30. Initially, the contract updates were expected to be finalized by July 30, according to the company.
“Since late May 2018, the compensation committee has commenced a comprehensive review of the company’s pay practices with the goal of establishing a stronger link between pay and performance,” said Anne-Charlotte Windal, the company’s independent chair of the board of directors. “The compensation committee has determined it is in the company’s best interests to extend Marla Ryan’s initial employment contract while the comprehensive review is in process so that Ms. Ryan’s new employment agreement can incorporate the results of the committee’s comprehensive review.”
Ryan was named CEO in May, replacing Melissa Payner-Gregor, who served as an interim CEO since January 2018 and director of the company since August 2009. Payner-Gregor left the company to pursue other opportunities.
Ryan’s appointment came a week after investors voted to replace all four directors of the company with four dissidents, including three women, one of whom was Ryan. The losing slate, which was supported by the retailer, included Payner-Gregor.